M/I Homes Q3 2021 Earnings Report
Key Takeaways
M/I Homes reported a 7% increase in revenue to a record $904.3 million for the third quarter of 2021. Net income increased by 24% to $91.0 million, or $3.03 per diluted share. The company's backlog sales value reached an all-time record of $2.5 billion, a 40% increase from the previous year.
Revenue increased 7% to a third quarter record of $904.3 million.
Net income increased 24% to $91.0 million ($3.03 per diluted share).
Backlog units increased 20% to 5,407, a third quarter record.
Backlog sales value increased 40% to $2.5 billion, an all-time record.
M/I Homes
M/I Homes
Forward Guidance
M/I Homes is on track for a solid finish to 2021 and is well-positioned for 2022 with a healthy balance sheet, a solid land pipeline, a strong backlog, and a significant number of new communities opening in 2022.
Positive Outlook
- Healthy balance sheet
- Solid land pipeline
- Strong backlog
- Significant number of new communities opening in 2022
- Entering Nashville market
Challenges Ahead
- Supply chain disruptions
- Reduced community count
- Early extinguishment of debt
- Cancellation rate increased to 8%
- New contracts decreased 33%